Intuitive Surgical Inc (ISRG) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Intuitive Surgical Inc stock $354, price $469, that is 24.5% below the price, quality 75 out of 100. Rating: overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Keep an eye on it?Free in your watchlist: 5 stocks without an account, 10 with oneYes, for free
Our calculation puts a fair price 24% below what the stock costs today.
Quality 75/100
Healthy Growth(revenue 5y +18.2 %/yr in USD)
Highly profitable · 25.5% net margin (TTM)
Low debt
Generates free cash flow
Wide moat93/100
Broad data
Revenue last quarter +22% vs. a year ago.
Mixed vs. peers(7/14)
Insiders sold $27.3M (6M)
Fair value $353.90 · Overvalued (−24.5%)
Quality growth
Risks from the AI analysis
🚩Pricing changes reducing revenue per procedure🚩Rivals like Medtronic Hugo and J&J Ottava could take share🚩China policy and domestic rivals could curb sales and margins
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range $183.06 – $610.45 · fair‑value band $217.36 – $584.04 · the $468.52 price screens above the $353.90 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
Follow Intuitive Surgical in your weekly email
Every Wednesday you see whether Intuitive Surgical is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
Intuitive Surgical, Inc. develops, manufactures, and markets products that enable physicians and healthcare providers to enhance the quality of and access to minimally invasive care in the United States and internationally.
Show moreShow less
It offers the da Vinci Surgical System that enables surgical procedures using a minimally invasive approach; and Ion endoluminal system, which extends its commercial offerings beyond surgery into diagnostic endoluminal procedures enabling minimally invasive biopsies in the lung.
The company also provides a suite of stapling, energy, and core instrumentation for its multi-port da Vinci surgical systems; progressive learning pathways to support the use of its technology; infrastructure of customer service and support specialists, a complement of services to its customers, including installation, repair, maintenance, 24/7 technical support, and proactive system health monitoring; and integrated digital capabilities providing connected offerings, streamlining performance for hospitals with program-enhancing insights.
It sells its products through direct sales organizations, such as capital and clinical sales teams. Intuitive Surgical, Inc. was incorporated in 1995 and is headquartered in Sunnyvale, California.
Stock analysis
Intuitive Surgical Inc (ISRG) currently trades at $468.52, while our model-based Fair Value estimate is $353.90, 24% below the price, so the stock looks overvalued today.
Show more
Valuation
Bull case: the Growth Earnings group reads highest at a median of $224.63 per share, and 0 of the 26 models we run sit above the $468.52 price.
Bear case: the Economic Profit group reads lowest at $67.76, and 26 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: $217.36 (bear) to $584.04 (bull), the price of $468.52 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 75/100 (high quality), in the Healthcare sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Intuitive Surgical Inc reported revenue of $10.1B in FY2025 versus $5.7B in FY2021, a compound +15.2%/yr. Reported net income was $2.9B in FY2025, compounding +13.8%/yr from FY2021.
Key figures
Market cap $168B Large · P/E ratio 56.7 · P/S ratio 14.5 · EPS (TTM) $8.27 · Net margin 25.5% · Return on equity 17.9% · Return on assets (EBIT) 12.8% · Operating margin 33.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 93 out of 100 (high confidence).
What moves the price
The share trades about 21% below its 52-week high and 41% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −57% fair-value upside, at −24%, ISRG screens cheaper than that median.
Fair Value models
Bear$217.36Fair Value $353.90Bull$584.04
Price $468.52 · Downside -24.5%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($7.02 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, 8 officers or directors sold shares worth $27.3M and none bought.
SaleCraig H BarrattDirector3× since Nov 12, 2025: 3,050 shares, avg. $483.40$1.5MNov 4, 202610b5-1 plan
SaleGary S GuthartDirector5× since Dec 1, 2025: 90,201 shares, avg. $500.48$45.1MNov 4, 202610b5-1 plan
SaleFredrik WidmanVP Corporate Controller5× since Feb 11, 2026: 11,084 shares, avg. $438.94$4.9MOct 30, 202610b5-1 plan
SaleMark BrosiusEVP & Chief Mfg and Supply Cha17× since Dec 12, 2025: 7,347 shares, avg. $489.06$3.6MOct 30, 202610b5-1 plan
SalePatricia L WadorsSVP Chief Human Resources Offi2× since Feb 27, 2026: 1,298 shares, avg. $453.28$588,353Oct 23, 202610b5-1 plan
SaleAmy L LaddDirector2× since Apr 28, 2026: 1,091 shares, avg. $432.44$471,790Aug 11, 202610b5-1 plan
SaleGary LoebEVP & Chief Legal and Complian3× since May 11, 2026: 1,200 shares, avg. $416.70$500,036Aug 10, 202610b5-1 plan
SaleIman JeddiSVP & GM da Vinci Platforms &5,625 shares at $420.55$2.4MJun 1, 202610b5-1 plan
SaleMyriam CuretEVP & Chief Medical Officer9× since Nov 10, 2025: 8,519 shares, avg. $495.97$4.2MMar 10, 202610b5-1 plan
SaleHenry L CharltonEVP & Chief Commercial and Mkt13,731 shares at $580.00$8.0MNov 12, 202510b5-1 plan
Plus 1 more entries from the last 12 months.
Plus 10 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+20.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+17.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+18.2%
Start year 2020 (pandemic). Over 10 years: +15.5% a year
Revenue growth 26 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+30.4%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+21.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+21.8%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.15.4% vs 16.4%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.24% → 29%
2025 sits 57% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+34.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+11.7%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +30.9% a year for the price and +9.1% for the forecasts.
AI conclusion: Strong moat from innovation leadership and ecosystem in robotic surgery with clean financials forms the core strength, yet limited public retention data and process specifics remain the key weakness.
Main risk: Rivals like Medtronic's Hugo and Johnson & Johnson's Ottava with FDA clearances and lower-priced or modular designs could capture procedures in the US and elsewhere and pressure da Vinci pricing, reducing recurring revenue.
Bull case: Intuitive could extend its lead by rolling out da Vinci 5 AI features, force feedback and ecosystem upgrades faster than rivals, locking in more procedures through superior data insights and training.
Bear case: If global and Chinese rivals gain meaningful installed bases and procedure share, Intuitive's recurring instrument revenue could face sustained pricing pressure and slower overall growth.
Intuitive Surgical's high-margin recurring revenue from instruments and accessories has powered growth, but the company is rolling out pricing changes expected to cut revenue per procedure by 3 to 5 percent once fully implemented. This move targets broader adoption in routine surgeries at the potential cost of near-term economics. Our models currently see the shares as overvalued. Will higher volumes more than offset the lower revenue per case?
Price, fair value, quality and upside side by side.
Free, no sign-up
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Medical Instruments & Supplies · 181 stocks
Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score75 · Top 25%
Fair Value upside−24.5% · Below median
Profitability
Return on equity (12 months)17.9% · Top 25%
Return on assets13.8% · Top 25%
Net margin (12 months)25.5% · Top 25%
Operating margin (12 months)33.3% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)21.7% · Top 25%
Valuation Multiplesvs Medical Instruments & Supplies median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Intuitive Surgical Inc (ISRG) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of $353.90 versus a price of $468.52, about 24% lower (overvalued).
What is the fair value of ISRG?
Our model-based fair value for Intuitive Surgical Inc is $353.90 (as of Nov 5, 2026), built from audited fundamentals. The current price: $468.52.
What is the quality score of ISRG?
Intuitive Surgical Inc has a Quality Score of 75/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Intuitive Surgical Inc (ISRG)?
Our model-based price target is the fair value of $353.90 (as of Nov 5, 2026) from 26 valuation models. Cautious scenario $217.36, optimistic scenario $584.04. It is a calculation from audited fundamentals, not an analyst target.
What is the Intuitive Surgical Inc stock forecast for 2026?
Our models put fair value at $353.90, about 24% lower versus a price of $468.52 (overvalued). Cautious scenario $217.36, optimistic scenario $584.04. The calculation is refreshed regularly with new filings.
What is the revenue of Intuitive Surgical Inc (ISRG)?
Intuitive Surgical Inc reported trailing-twelve-month revenue of about $11.6B (latest available figure, as of Nov 5, 2026).
What growth is priced into Intuitive Surgical Inc (ISRG)?
For today's price to be fair in a discounted-cash-flow model, Intuitive Surgical Inc would have to grow free cash flow by +34.0 % per year for five years (discount rate 10.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +18.2 % per year. As of Nov 5, 2026.
What discount rate (WACC) does the fair value of ISRG use?
Our models discount Intuitive Surgical Inc at 10.3 %: a base by market capitalisation (large), damped by beta 1.46, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Intuitive Surgical Inc that is +34.0 % per year a year over ten years, using the same discount rate (10.3 %) and the same formula as our fair value.
How much growth has Intuitive Surgical Inc (ISRG) delivered so far?
Over the past 5 years revenue at Intuitive Surgical Inc grew +18.2 % a year. The price currently implies +34.0 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Intuitive Surgical Inc (ISRG) growing?
The median revenue growth in the sector is +6.2 % a year. That is the yardstick for the growth priced into Intuitive Surgical Inc (+34.0 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Intuitive Surgical Inc (ISRG)?
The free-cash-flow yield on the price is 1.48 %: that much free cash flow Intuitive Surgical Inc produces per unit of market value. When it exceeds the discount rate of our models (10.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Intuitive Surgical Inc (ISRG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Intuitive Surgical Inc it is $353.90 per share (as of Nov 5, 2026), against a price of $468.52. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Intuitive Surgical Inc stock overvalued or undervalued in 2026?
As of Nov 5, 2026, ISRG trades above its calculated fair value: price $468.52, fair value $353.90, a gap of about −24% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ISRG?
No. The price is what the market pays today ($468.52); the fair value is what the company's own numbers justify ($353.90). For Intuitive Surgical Inc the two are $114.62 per share apart. That gap is exactly why we show both numbers side by side.
How much is Intuitive Surgical Inc worth?
The market values Intuitive Surgical Inc at about $168B (market capitalisation, as of Nov 5, 2026). Per share that is $468.52; our models calculate a fair value of $353.90 per share.
What do the bullish and bearish scenarios say about ISRG?
Our models span a range for Intuitive Surgical Inc: cautious scenario $217.36, base $353.90, optimistic $584.04 per share (as of Nov 5, 2026, price $468.52). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ISRG?
Intuitive Surgical Inc trades at a price-to-earnings ratio of 56.7 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $353.90 is built from several models across several years. Median P/E at fiscal year-end, 5 fiscal years (2021 to 2025), reported earnings, FY2022 ex one-offs: 71.9. Other multiples: PEG 2.1, P/B 9.4, P/S 14.5, EV/EBITDA 36.8.
What is the PEG ratio of ISRG?
The PEG ratio of Intuitive Surgical Inc is 2.09 (P/E divided by earnings growth, as of Nov 5, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Intuitive Surgical Inc (ISRG)?
Balance-sheet figures for Intuitive Surgical Inc (as of Nov 5, 2026): return on equity 17.9%. They feed the Quality Score of 75/100, which measures business quality independently of the share price.
How far is ISRG from its 52-week high?
Intuitive Surgical Inc trades at $468.52, about 21% below its 52-week high of $592.85 and 41% above the low of $332.02 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of $353.90 is for.
Which stocks are comparable to Intuitive Surgical Inc?
From the same area (Healthcare) we also value EssilorLuxottica Société anonyme, Becton, Dickinson and Company, Medline Inc, Alcon Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Intuitive Surgical Inc stock attractive at the current price?
The data as of Nov 5, 2026: price $468.52, calculated fair value $353.90 (−24%), Quality Score 75/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ISRG calculated?
We run Intuitive Surgical Inc through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $353.90, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. Intuitive Surgical Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Intuitive Surgical Inc (ISRG)?
The closing price on Nov 5, 2026 was $468.52. Our model-based fair value is $353.90, about 24% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Intuitive Surgical Inc right now?
A high-quality business (quality 75/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety. The model range is unusually wide ($217.36 to $584.04). The outcome hinges heavily on assumptions, so read the point estimate with caution.
Where does the earnings growth of Intuitive Surgical Inc (ISRG) come from?
Earnings per share at Intuitive Surgical Inc grew +16.1 % a year from 2014 to 2025. Broken into its drivers: revenue per share +14.5 %, EBIT margin −1.2 %, tax rate +1.7 %, residual (interest, one-offs) +0.9 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Intuitive Surgical Inc
How large is the market capitalisation of Intuitive Surgical Inc (ISRG)?
The market capitalisation of Intuitive Surgical Inc is $168B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Intuitive Surgical Inc (ISRG)?
The price-to-sales ratio of Intuitive Surgical Inc is 14.5 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Intuitive Surgical Inc (ISRG)?
Earnings per share at Intuitive Surgical Inc are $8.27 (price ÷ EPS = P/E 56.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Intuitive Surgical Inc (ISRG)?
The net margin of Intuitive Surgical Inc is 25.5% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Intuitive Surgical Inc (ISRG)?
The return on equity (ROE) of Intuitive Surgical Inc is 17.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Intuitive Surgical Inc (ISRG)?
On an EBIT basis the return on assets of Intuitive Surgical Inc is 12.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Intuitive Surgical Inc (ISRG)?
The operating margin of Intuitive Surgical Inc is 33.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Intuitive Surgical Inc (ISRG)?
Revenue at Intuitive Surgical Inc is growing +21.7% versus a year earlier (3y avg +17.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Intuitive Surgical Inc (ISRG)?
Earnings per share at Intuitive Surgical Inc are growing −23.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Intuitive Surgical Inc (ISRG) hold?
Intuitive Surgical Inc holds more cash than debt, $3.1B net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
Free · no account needed
Watch Intuitive Surgical Inc in the live analysis
One click puts Intuitive Surgical Inc on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 27,000+ stock screener.
Broad data
Nov 5, 2026